Panthers, city seek $800M stadium renovation deal to keep team in Charlotte for 20 years

CHARLOTTE, N.C. — The Carolina Panthers and the City of Charlotte have proposed a partnership deal that would include an $800 million renovation to Bank of America Stadium and keep the NFL team here for 20 years.

The renovation would include a fixed $650 million investment from the city and another $150 million from Panthers owner David Tepper.

Tepper has already invested more than $117 million in the stadium prior to June and would also pay another $421 million in potential overages for capital improvements over the term of the deal, the team said Monday in a news release.

The city’s investment does not require any new or increased taxes.

Over the next several weeks, members of the Charlotte City Council are anticipated to convene to discuss the renovation project for the Bank of America Stadium.

“Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” Panthers team president Kristi Coleman said in the release. “While Bank of America Stadium has solid infrastructure, investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community.”

The city’s portion would be financed through current hospitality and tourism tax resources. The state legally mandates these resources be allocated towards projects that bolster the city’s tourism economy.

“This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades,” Coleman said.

Bank of America Stadium opened in 1996.

The improvements will comprise advanced video and audio systems, updated infrastructure, reimagined concourses, exclusive social areas offering skyline views, and outdoor spaces for community events and programs.

Other important elements include new seating installed throughout the bowl, improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers. Restrooms would also be upgraded.

The pavilion area on the south lawn would be redesigned as a community meeting place and outdoor classroom, for use on both game days and non-event days.

“Today was a first step in what will be a series of conversations with public officials,” Coleman said. “Our goal is to build a collaborative partnership so that this community asset can continue to generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come.”

The stadium also serves as home for Major League Soccer’s Charlotte FC and regularly plays host to college football games and concerts.

“Bank of America Stadium gives our Club an exceptional home pitch advantage in Major League Soccer,” said Joe LaBue, president of Charlotte FC. “Furthermore, it acts as a cornerstone in our community, reinforcing our aim to act as a unifying entity in the city.”

Copyright 2024 The Associated Press.